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USD/JPY Discussion

Quoting mosya
{quote} Can you explain your idea
Yes I can. An inverted head and shoulders pattern has formed on the 4H chart. The projection of working out the figure is in the region of 140.00. The price is moving in an upward channel. The bounce off 136.20 has just confirmed the lower channel line.
USDJPY price action on the daily time frame is sideways as it approaches the 138.300/139.280 multi-year horizontal resistance zone (purple). However, technicals still favour bulls, and we may still see further northward move in the early part of this week.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
Quoting ForexGoose
{quote} next week, it might reach and exceed 140 {image}
bought from 137.8, stop is below 136.4, target 140+
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
Anything above 139.5 will be selling zone for me.
I think there is a good chance it will hit 140 this week.

Let's see how much I can profit from this wave.

Good luck everyone!
Expect the unexpected; take your profit and run.
have a look on USDJPY quick update

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Quoting Whale
{quote} Definitely? will see. below 135 before 137. but nothing is definitely.
Already 139. Soon there will be 140 and possibly even higher... )
Quoting RichClaws
{quote} Already 139. Soon there will be 140 and possibly even higher... )
made a mistake.
I’m a technical analyst, JPY is total shit ATM and impossible to analyze it from my point of view.
if you do, good luck, I hope you will succeed
Quoting Whale
{quote} made a mistake. I’m a technical analyst, JPY is total shit ATM and impossible to analyze it from my point of view. if you do, good luck, I hope you will succeed
Thanks) I also rely on technical analysis.
In this case, my conclusions are based on working out the classic inverted head and shoulders pattern on the 4H timeframe.
Im waiting with pendings shorts from 139 till 139.50 with SL for all 140.50, will be targeting medium term 135
People don't plan to lose. They lose because they don't plan.
Quoting RichClaws
{quote} Thanks) I also rely on technical analysis. In this case, my conclusions are based on working out the classic inverted head and shoulders pattern on the 4H timeframe.
I’m using market structure and price action , and my setups on AJ and UJ failed time after time.
so I will wait for some news from japan that will increase the demand for yen, I had enough SL with this boy
Quoting Whale
{quote} I’m using market structure and price action , and my setups on AJ and UJ failed time after time. so I will wait for some news from japan that will increase the demand for yen, I had enough SL with this boy
In such a situation, one should rather wait for news that will reduce demand for the US dollar. Against the backdrop of fundamental factors, it is the usd that is growing throughout the market.
This is my view for this UJ, likely heading to 140 + make a bit spike then going downwards since the yellow trend line is pretty strong.
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Making an entry at 138.400 area heading to 139 ++ and back down
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missed the bearish shark on the 15 min chart.
Quoting Whale
{quote} I’m using market structure and price action , and my setups on AJ and UJ failed time after time. so I will wait for some news from japan that will increase the demand for yen, I had enough SL with this boy

Head and shoulders patterns are IMO rudimentary at best. FYI.. the Head and shoulders pattern is just a consolidation pattern off of a wave 5 high being confirmed. However in Elliot waves the confirmation comes at the shoulder and not the neck. All I am saying is that I have lose a LOT of money trying to trade head and shoulders. They appear everywhere.. Then the head becomes a shoulder and the shoulder becomes a head.. arrrrgh. If you are consistent with head and shoulders patterns you are a GOD.
When you feel like you HAVE to trade is when you least should!
Failure to make a new high this month (coming within about 30 pips) while still being in a LL/LH formation on the monthly candle could result in a substantial sell off if it doesn't at least break through 139.50 before tomorrow (months end). However, if it convincingly breaks through 139.50 and then 140 (especially if this occurs after tomorrow and once a new candle has printed) I'll no longer be looking for shorts.
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As Bearish as this UJ appears....


Bitcoin
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With that said though. The Yen looks to have awakened a bit. Albeit not having hit the 100% extension. So it looks to be offering some reprieve.
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When you feel like you HAVE to trade is when you least should!
Bears???

Daily charts

UJ Flat past two days
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DXY On the move south slightly
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YEN Flat past two days.
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So it appears we are still being moved by the Yen, and not the Dollar. Perhaps that's why we aren't rocketing around on the news.
When you feel like you HAVE to trade is when you least should!
BUY UJ Only
Quoting adityaghifar
This is my view for this UJ, likely heading to 140 + make a bit spike then going downwards since the yellow trend line is pretty strong. {image}
My analysis and forecast is similar to yours. It is alarming that most people see it the same way. But it seems that 140 cannot be avoided
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